Inox Clean Energy inks $600 million deal for Macquarie’s Vibrant Energy

Company Acquisition - Inox Clean Energy Ltd has signed an agreement to acquire Macquarie Group's renewable energy platform Vibrant Energy for an enterprise value of $600 million and an equity value of $200 million [1] - The acquisition will be funded through pre-IPO fundraises, internal accruals, and capital from promoters, with commitments for around ₹5,000 crore of funds already secured [2] Renewable Energy Portfolio - The acquisition will enhance Inox Clean's renewable portfolio, adding largely operational assets at a time of increasing consolidation in India's clean energy sector [3] - Vibrant Energy has a total renewable portfolio of 1.33 gigawatts (GW), with approximately 800 megawatts (MW) operational, and serves commercial and industrial customers across multiple states [5] Growth Targets - Inox Clean aims to reach a targeted renewable energy installed capacity of 3 GW by the end of FY26 and 10 GW by FY28, positioning itself as the fastest company to achieve these targets in India [6] Market Context - The renewable energy sector has seen significant M&A activity, with several notable transactions in the past year, indicating a growing trend in the industry [8] - India has experienced the third-largest growth in power generation capacity globally, with a notable increase in investments in renewable energy, particularly solar PV [12]